Bitcoin Ordinals have seen a consistent decline in sales volume and transactions since June, possibly signaling waning interest in Bitcoin NFTs.
The fervor that surrounded Bitcoin Ordinals seems to have waned, with sales volume dropping more than 97% from its all-time high in May 2023.
However, some community members believe Bitcoin Ordinals are not dead, some others state that the earlier hype was a major cause of its crash, arguing that Bitcoin is better off maintaining its primary function as a store of value.
Apart from sales volume, transactions have also reduced since May, with the report revealing that transactions have plummeted to 88.1% in August at 20,571, compared to 832,648 three months ago.While there has been a downward trend in the general non-fungible token market, Bitcoin Ordinals seem to be the worst hit compared to other blockchains like Ethereum and Polygon, which have long been in the NFT market and enjoy wider applications.
According to the DaapRadar report, the number of unique active wallets rose from 696 in February to 79,261 in May. However, the upswing did not last long, with the current figure at 6,708 in mid-August.Meanwhile, the sharp decline in sales volume and transactions could indicate a waning interest in Bitcoin Ordinals and also poses a question about its sustainability in the NFT sector.
Notably, the performance within a short period has led to speculations that Bitcoin Ordinals are dead, with some community members stating that the early hype around them was too big for it to last long.
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